Recession, Economic Recovery | featured news

The global economic recovery has begun but sustaining it will require refocusing the United States toward exports and Asia toward imports, the International Monetary Fund's chief economist said.

Germany and France enjoyed a shock return to economic growth in the second quarter of the year, data showed on Thursday, ending their recessions earlier than many policymakers and economists had expected.

A White House spokesman said Wednesday that the United States has avoided falling off an economic cliff, citing as evidence a new report showing factory orders rose in June for the fourth time in five months, an unexpected gain and the latest sign that the ailing manufacturing sector is recovering.

U.S. consumers spent more in June and pending sales of previously owned homes also rose, data issued on Tuesday showed, but the biggest drop in incomes in four-and-a-half years pointed to a slow recovery from the worst recession in decades.

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New U.S. housing starts and permits surged in May from record lows, while producer prices rose at a slower pace despite higher gasoline prices, boosting prospects for the economy's recovery from recession.

The number of newly laid-off Americans filing jobless claims fell more than expected last week and retail sales grew in May for the first time in three months, fresh evidence that the worst of the recession may have past.

The recession may have slashed demand while supplies have swelled, but oil is being hoarded as producers and investors await an economic recovery.

The economy lost 539,000 jobs in April, the government reported on Friday, a sign that the relentless pace of job losses was starting to level off.

Finance chiefs from the G7 powers said on Friday the global economy may be pulling out of the depths of a recession although recovery was not yet assured, and they pledged to make certain big financial firms are sound.